Has it been some time since you last sat down and thought about your estate planning? If that answer is "yes" then here are some basic points you should consider:
1. Do you have a valid Will that is regularly reviewed?
2. Have you considered an enduring Power of Attorney, which lets someone act on your behalf if you lose the ability to make decisions for yourself? If you don't have one in place, in the unfortunate event of not having the "capacity" to maintain your affairs, control of your assets may pass to a government body such as The Office of the Protective Commissioner.
Binding nominations are effective choices as to which beneficiaries receive your superannuation entitlements and in what proportions. Please note that if these nominations are not kept up- to-date, you could find your super money is distributed in the way you had not preferred.
Have you considered Testamentary Trusts? These trusts are formed on the death of a person if they have specified for this to happen in their Will. The main benefits of testamentary trusts are their ability to protect assets and to reduce tax paid by beneficiaries from income earned from the inheritance. While most people would rather not think about what happens to their money and belongings when they pass away, it is incredibly important to protect your hard earned money and belongings and ensure that they are passed on to those you would prefer to receive them.
If you would like any further information on these estate planning topics, or if you are unsure as to whether they may be relevant to your situation, please contact Dom Schuh on 07 5480 4877 or at dominique.schuh@schuhgroup .com.au